ERC Market Analysis Form and Strategy Report: A Key to Reasonable Real Estate Prices
How do you know the best price for a house you want to sell as an owner or the best price for one you are willing to buy? As a seller, you want the price to be the highest possible. As a buyer, though, you are very likely to want to find reasons to reduce the asking price. Fortunately, part of a real estate broker’s responsibility is to analyze the condition and marketability of your property to come up with a reasonable estimate. The form used for this analysis is the ERC Market Analysis Form and Strategy Report.
Who needs an ERC Broker's Market Analysis Form and Strategy Report?
The ERC Market Analysis Form and Strategy Report is used by real estate brokers for professional purposes. An agent should conduct an analysis and complete this form by request of the person who wants to sell a property. This form should be completed to provide Home-Marketing Assistance or a Homesale Buyout.
What is the ERC Market Analysis Form and Strategy Report for?
Real estate agents file an ERC Form Market Analysis and Strategy Report when they are involved in a real property transaction, and when a thorough analysis of a property’s condition, and sales prospects has been requested.
The ERC form is a powerful tool for real estate agents to elaborate a well-grounded strategy for selling a property, as it helps to provide a property value estimate, generate marketing strategy ideas, and give logical and persuasive recommendations to prospective sellers.
Is the ERC Market Analysis Form and Strategy Report accompanied by other forms?
The ERC BMA form acts as a proof of the price when a certain property is considered for purchase. This particular form doesn’t have to be accompanied by any other documents. However, when a transaction takes place, the Broker’s Market Analysis form is accompanied by the property disclosures, purchase and sale agreement, addendums if any, etc. The package recording the deal between a Seller and Buyer can vary depending on the state where the transaction occurs.
When is an ERC Broker's Market Analysis and Strategy Report due?
The validity period of the completed ERC Analysis and Strategy Report Form does not exceed 120 days, as the likely sales price can change over time.
How do I fill out ERC Market Analysis Form and Strategy Report?
A broker is in charge of the proper completion of the ERC BMA form. The form contains questions and checklists, answers to which provide sufficient information for the evaluation of the property. Broadly put, this report must cover:
• the address
• the owner’s contact information
• the real estate agent’s or firm’s contact information
• location description
• market conditions
• comparable sales
• marketing strategy, etc.
Where do I send ERC Broker's Market Analysis and Strategy Report?
The completed ERC Market Analysis form should be kept by the owner of the evaluated property and the broker who conducted the analysis and made the report. A copy of the form can also be furnished to prospective customers before completing the agreement of the property purchase.